Based on the above Budget 2023 changes, the following is the latest TDS Rates Chart for FY 2023-24 (AY 2024-25).

Section	For Payment of	Threshold limit	TDS Rate %
192	Salary Income	Income Tax Slab	Slab rates(Based on old or new tax regimes)
192 A	EPF – Premature withdrawal	Rs 50,000	10% (If no PAN, then @20%)
193	Interest on Securities	Rs. 2,500	10%
194	Dividend	Rs 5,000	10%
194 A	Interest on Bank Deposit/Post Office Deposit/Banking Co-Society Deposit(Interest other than “Interest on securities” )	Rs. 40,000(Rs 50,000 for Senior Citizens)	10%
194 A	Interest other than “Interest on securities”(Other Than Bank Deposit/Post Office Deposit/Banking Co-Society Deposit)	Rs. 5,000	10%
194 B	Winnings from lotteries, crossword puzzles, card games and other games of any sort (Aggregate winnings during FY and excludes online gaming).	Rs. 10,000	30%
194 B	Winnings from online games	Nil	30%
194 BB	Winnings from horse races (Aggregate winnings during FY)	Rs. 10,000	30%
194 D	Payment of Insurance Commission(Form 15G/H can be submitted)	Rs. 15,000	5% (Individuals)10% (Companies)
194DA	Payment in respect of Life Insurance Policy	Rs 1,00,000	5%
194E	Payment to non-resident sportsmen/sports association	–	20%
194 EE	Payment of NSS Deposits	Rs 2,500	10%
194 G	Commission on the Sale of lottery tickets	Rs 15,000	5%
194 H	Commission or Brokerage	Rs 15,000	5%
194 IA	Rent of Plant & Machinery	Rs. 2,40,000	2%
194 IB	Rent of Land or building or furniture or fitting	Rs 2,40,000	10%
194 IA	Payment on transfer of certain immovable property other than agricultural land	Rs. 50 lakh	1% (TDS is to be deducted at the rate of 1% of such sum paid or credited to the resident or the stamp duty value of such property, whichever is higher.)
194 IB	Payment of rent by individual or HUF not liable to tax audit	Rs.50,000 per month	5%
194IC	Payment of monetary consideration under Joint Development Agreements	–	10%
194J	Fees for professional or technical services	Rs 30,000	2% (for technical services) (or) 10% (payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;)
194LA	Payment of compensation on acquisition of certain immovable property	Rs 2,50,000	10%
194 LB	Interest from Infrastructure Bond to NRI	NA	5%
194 M	Payment of commission (not being insurance commission), brokerage, contractual fee, or professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J.	Rs.50,00,000	5%
194N	Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office:	> Rs 1cr (if the person withdrawing the cash has filed income tax return for any or all three previous AYs.).> Rs.20 lakh (if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.)> Rs.3 Cr for cooperative banks	2% and 5% (cash withdrawals exceeding Rs.1 Cr if the person withdrawing the cash has not filed ITR for any of the preceding three AYs.)
194Q	Purchase of goods (applicable w.e.f 01.07.2021)	Rs 50 lakh	0.10%
195	Payment of any other sum to a Non-resident (NRI)	–	20% (Income in respect of investment made by a Non-resident Indian Citizen).10% (Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen, Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112, Income by way of long-term capital gains as referred to in Section 112A).15% (Income by way of short-term capital gains referred to in Section 111A)20% (Any other income by way of long-term capital gains [not being long-term capital gains referred to in clauses 10(33), 10(36) and 112A, Income by way of interest payable by Government or an Indian concern on money borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC))30% on any other income
206AB	TDS on non-filers of ITR at higher rates(applicable w.e.f 01.07.2021)	–	Higher of– 5%– Twice the rate in act– Twice the rate or rate in force
194P	TDS on Senior Citizen above 75 Years (No ITR filing cases)	–	Slab Rates
206AA	TDS rate in case ofNon-availability ofPAN	–	Higher of –As per actTwice the rate or rate in force20%
194R	TDS on benefit or perquisite of a business or profession	Rs.20,000	10%
194S	TDS on payment forVirtual Digital Assets	“Specified Person” Payer– 50,000Other Payers – 10,000	1%

TDS changes in Budget 2023

Let us now discuss on what are the changes introduced during the budget 2023.

• In order to give relief to the co-operative societies, the limit of Rs.1 Crore has been proposed to be enhanced to Rs.3 Crores in the Finance Bill 2023, which means that if the Co-operative society cash withdrawal from a bank exceeds Rs. 3 Crores, then TDS @ 2% shall be deducted from the Co-operative society. However, this is not applicable to individuals.
• As per the current law, TDS is applicable to winnings made from online gaming. Winnings are required to be reported under the head ‘Income from other sources while filing ITR. TDS becomes applicable if the winnings made from each online game exceed Rs 10,000. Further, TDS on winnings is deducted at 30%. This threshold limit of deducting the TDS is removed. Hence, no matter what may be your gain, a TDS of 30% is applicable for you.
• Earlier during the withdrawal of EPF (within 5 years), if you do not provide a PAN number, then the TDS was at 30%. Now it is reduced to 20%. 
• It was proposed in Budget 2023 to omit clause ix of the proviso to Section 193 of the Act, thereby removing the exemption from TDS on payment of any income to a resident by way of interest on listed debentures with effect from 01-04-2023. Now the TDS is applicable on such debentures at the rate of 10%.

In case you are confused about TDS Return Filing, feel free to connect with us at iplan@wealthcafe.in